Westpac hikes housing base rate

Monday 13 September 2004

Home owners are set to feel the effect of yesterday's rate hike, with Westpac today raising its housing base rate (HBR) by 25 basis points to 8.6%.

By The Landlord

Westpac is the first bank to move in the wake of yesterday's 25 bp rate hike by the Reserve Bank, which took the Official Cash Rate from 6.00% to 6.25%.

Westpac said its new rate will become effective from September 13 for new customers and from October 4 for existing customers. The change adds $25.25 to a monthly payment on a $150,000 mortgage on a 25-year term.

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